Senators Come to Defense of Consumers on Arbitration

Statement from Chris Stinebert, President & CEO
American Financial Services Association (AFSA)

FOR IMMEDIATE RELEASE

“We’re pleased to see the Senate has chosen to side with consumers instead of trial attorneys when it comes to arbitration,” said Chris Stinebert, President and CEO of the American Financial Services Association, which represents traditional installment lenders. “Class action lawsuits take years to be heard, clog the courts, and result in comparatively small payouts for consumers. By contrast, disputes settled by arbitration result in quick decisions and pay-outs for consumers that average higher than class action settlements.”

Based in Washington, D.C., the American Financial Services Association (AFSA), now in its 101st year, is the national trade association for the consumer credit industry, committed to protecting access to credit and consumer choice. Its 400 members include traditional installment lenders, vehicle finance/leasing companies, consumer and commercial finance companies, mortgage lenders and servicers, payment card issuers, industrial banks and industry suppliers. For more information, visit www.afsaonline.org.